Stimulus.org - Other

Estate Tax Change

Jason Peuquet — Fri, 07 Jan 2011 16:20:14 +0000

Date:

December 17, 2010

Who:

IRS

Policy Area:

Fiscal Policy

Economic Target:

Consumers

Economic Target:

Other

Action Type:

Tax Break

Maximum Amount:

68149000000

Deficit Impact:

68149000000

The tax cut package included a lower estate and gift taxes for the next two years, providing a higher exemption threshold and a lower rate for estate and gift transfers beyond that threshold. The exemption was raised to $5 million and the rate set at 35 percent, compared to a $1 million exemption and 55 percent rate as previously scheduled under current law for 2011 and lower than the Administration's initial proposal of a $3.5 million exemption and a 45 percent tax rate beyond that.

Source:

CBO Cost Analysis

Notes:

Maximum amount and deficit impact represent peak and net cost of this provision--which are the same--from 2011-2020.

CRFB Analysis of Estate Tax Options and Costs

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Continuing Extension Act of 2010

Jason Peuquet — Mon, 19 Apr 2010 21:46:20 +0000

Date:

April 15, 2010

Who:

Dept. of Labor

Policy Area:

Fiscal Policy

Economic Target:

Other

Action Type:

Direct Spending

Maximum Amount:

13905000000

Amount Spent:

13905000000

Deficit Impact:

13905000000

The Continuing Extension Act of 2010 extended unemployment benefits for previously unemployed workers for an additional two months, extending the benefit until the beginning of June.

Source:

CBO Analysis of Continuing Extension Act

Notes:

None of the provisions of this bill were offset, as they were deemed "emergency" spending to lawmakers which exempts the bill from having to be offset under current PAYGO rules. Thus, the maximum amount and deficit impact reflect cumulative spending and reduced revenue over the 2010-2011 period.

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Tax Credit Bonds

Jason Peuquet — Fri, 19 Mar 2010 15:24:13 +0000

Date:

March 18, 2010

Who:

IRS

Policy Area:

Other

Economic Target:

Other

Action Type:

Tax Break

Maximum Amount:

2291000000

Amount Spent:

2291000000

Deficit Impact:

-160000000

The Hiring Incentives to Restore Employment Act included tax credits on qualifying bonds.

Also included in the Hire Act were provisions creating incentives for hiring unemployed workers.

Source:

CBO Cost Estimate of Hire Act

White House Release on the Act's Passage

Notes:

Maximum amount reflects the lost revenue from the tax provisions over a 10-year period. Deficit impact reflects the total net cost of the provision in proportion to the total net cost of -$1.1 billion for the bill. Offsets totaled $16.7 billion, stemming largely from foreign account tax compliance and a delay in implementing worldwide interest expense allocation until 2020.

Amount spent unknown.

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Incentives for Hiring Unemployed Workers

Jason Peuquet — Fri, 19 Mar 2010 15:19:31 +0000

Date:

March 18, 2010

Who:

IRS

Economic Target:

Other

Action Type:

Tax Break

Maximum Amount:

12958000000

Amount Spent:

12958000000

Deficit Impact:

-660000000

The Hiring Incentives to Restore Employment Act included several tax provisions aimed at providing tax breaks for companies and organizations that hire previously unemployed workers. The bill excludes employers from paying the 6.2 percent in federal payroll taxes for the rest of 2010 on new employees they hire who have been previously unemployed for over two months. The bill also allows employers to receive a $1,000 tax credit for each of these new hired employees if they are still with the same employer after a year.

On August 2, 2010, the Treasury Department announced that 5.6 million employees hired between February and June were eligible for the tax credit.

Also included in the Hire Act were provisions for qualifying tax credit bonds.

Source:

CBO Cost Estimate of Hire Act

White House Release on the Act's Passage

Notes:

Maximum amount and amount spent reflect the lost revenue from the tax provisions over a 10-year period. Deficit impact reflects the total net cost of the provision in proportion to the total net cost of -$1.1 billion for the bill. Offsets totaled $16.7 billion, stemming largely from foreign account tax compliance and a delay in implementing worldwide interest expense allocation until 2020.

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Temporary Extensions Act of 2010

Jason Peuquet — Mon, 15 Mar 2010 15:03:21 +0000

Unemployment Rate

Date:

March 2, 2010

Who:

Dept. of Labor

Policy Area:

Fiscal Policy

Economic Target:

Other

Action Type:

Direct Spending

Maximum Amount:

8020000000

Amount Spent:

8020000000

Deficit Impact:

8020000000

As part of the Temporary Extension Act of 2010, unemployment benefits were extended for another month, raising the maximum number of eligible weeks in which unemployed workers can receive benefits up from 99 to 103.

Extended unemployment insurance benefits were originally passed as part of the American Recovery and Reinvestment Act.

Source:

CBO Estimate of Temporary Extensions Act of 2010

Notes:

Other minor spending provisions were also included in the legislation. The deficit impact reflects the net change in the deficit from unemployment insurance.

Maximum amount reflects total increased outlays and reduced revenues for the provision over the 2010-2020 period.

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Unemployment Insurance Extensions

Jason Peuquet — Mon, 15 Mar 2010 14:54:05 +0000

Unemployment Rate

Who:

Dept. of Labor

Policy Area:

Fiscal Policy

Economic Target:

Other

Action Type:

Direct Spending

Maximum Amount:

69640000000

Amount Spent:

69640000000

Deficit Impact:

67060000000

Several bills since November 2009 have extended the duration in which unemployed workers can receive unemloyment insurance benefits, originally extended as part of the American Recovery and Reinvestment Act. So far, lawmakers have extended unemployment benefits 3 times since ARRA was passed in February 2009, raising the maximum number of eligible weeks from 59 to over 99.

Source:

Notes:

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Worker, Homeownership, and Business Assistance Act

Jason Peuquet — Fri, 06 Nov 2009 21:58:22 +0000

Unemployment Rate

Date:

November 6, 2009

Who:

Dept. of Labor

Policy Area:

Fiscal Policy

Economic Target:

Other

Action Type:

Direct Spending

Maximum Amount:

2420000000

Amount Spent:

2420000000

Deficit Impact:

-158000000

This provision would further extend unemployment benefits under the stimulus act, allowing 14 additional weeks of collections across the board. In high unemployment states, this measure will provide 14 extra weeks of benefits for all individuals but 20 for those in the high unemployment states, bringing the total number of weeks to receive unemployment benefits from 59 to 79.

The provision was passed as part of the Worker, Homeownership, and Business Assistance Act of 2009 along with an expansion of net operating loss carryback rules and an extension of the homebuyer tax credit.

In total, the provision would cost $2.4 billion. This would be offset, however, through temporarily higher unemployment payroll taxes.

Source:

JCT: Worker, Homeownership, and Business Assistance Act of 2009

CBO: Worker, Homeownership, and Business Assistance Act of 2009

Notes:

Maximum amount and amount spent reflect projected cost - which will be spent in 2010. Deficit impact based on CBO calculation of ten-year deficit impact (http://finance.senate.gov/sitepages/leg/LEG%202009/103009_CBO_Estimates.pdf).

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Other Spending Provisions

Maya MacGuineas — Fri, 10 Jul 2009 18:58:51 +0000

Stimulus 2009 - Other Spending Provisions

Date:

February 17, 2009

Who:

Congress

Policy Area:

Fiscal Policy

Economic Target:

Other

Action Type:

Direct Spending

Maximum Amount:

26000000000

Amount Spent:

9185000000

Deficit Impact:

26000000000

Provisions are part of the $787 billion "American Recovery and Reinvestment Act of 2009," a set of policies designed to mitigate the effects of the economic crisis. The act contains significant spending for direct worker assistance, infrastructure, healthcare, education, aid to states, and other areas, and tax breaks for individuals and corporations.

Other Spending (in millions of dollars)
Year	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2009-2019
National Science Foundation	342	1,266	794	349	162	63	12	0	0	0	0	2,988
Other (Financial Services and General Government)	220	662	339	67	19	0	0	0	0	0	0	1,307
Other (Commerce, Justice, Science and Related Agencies)	1,697	2,148	654	521	298	39	0	0	0	0	0	5,357
Legislative Branch	8	15	2	0	0	0	0	0	0	0	0	25
Other Provisions (Division B)	3,250	696	553	244	62	3	0	0	0	0	0	4,808
Other Housing Assistance	446	2,068	3,316	1,973	1,109	62	22	0	0	0	0	8,996
State and Local Law Enforcement Assistance	415	830	553	415	552	0	0	0	0	0	0	2,765
Totals	6,378	7,685	6,211	3,569	2,202	167	34	0	0	0	0	26,246

Source:

CBO Analysis of Final Bill

Text of "American Recovery and Reinvestment Act of 2009"

Notes:

Positive numbers in table indicate spending, negative numbers indicate savings or revenue. Maximum amount is taken from CBO's calculation of budget authority over the 2009-2019 period. Deficit impact is taken from CBO's deficit impact calculation for 2009-2019. Amount spent as of 11/3/2012.

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Other Tax Provisions

Maya MacGuineas — Fri, 10 Jul 2009 18:57:48 +0000

Other Tax Provisions

Date:

February 17, 2009

Who:

IRS

Policy Area:

Fiscal Policy

Economic Target:

Other

Action Type:

Tax Break

Maximum Amount:

71000000000

Amount Spent:

21000000000

Deficit Impact:

71000000000

Other Tax Provisions (in millions of dollars)
Year	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2009- 2019
Manufacturing Recovery Provisions	1	174	297	342	217	175	182	175	148	94	47	1,850
Economic Recovery Tools	227	348	566	699	722	738	724	700	660	565	553	6,501
Infrastructure Financing Tools*	179	2,752	16,085	6,936	5,921	2,174	2,322	2,345	2,305	2,258	2,233	45,638
Energy Incentives	393	1,482	1,539	1,176	1,619	1,862	2,039	2,264	2,412	2,552	2,614	19,963
Other Tax Provisions	16	20	-147	-338	-377	-362	-341	-333	-332	-332	-332	-2,853
Total	816	4,776	18,340	7,057	8,102	4587	4926	5151	5193	5137	5

Source:

Analysis of the Final Bill by the Joint Committee on Taxation

Text of "American Recovery and Reinvestment Act of 2009"

Recovery.gov

Notes:

Positive numbers in table indicate spending, negative numbers indicate savings or revenue. Maximum amount is the peak cumulative cost of a provision over the period 2009-2019, though the provision may eventually cost less by 2019. Deficit impact is the final cost of a provision from 2009-2019. Amount spent reflects CRFB calculated continuations of disbursal rates since last reported on Recovery.gov in December 2010, and extrapolated to the present by CRFB staff.

*In the January 2010 baseline (http://www.cbo.gov/ftpdocs/108xx/doc10871/01-26-Outlook.pdf), CBO estimated an additional $26 billion would be made available for the Build America Bonds (part of the "Infrastructure Financing Tools" category above.

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Education

Maya MacGuineas — Fri, 10 Jul 2009 18:24:22 +0000

Stimulus 2009 - Education

Date:

February 17, 2009

Who:

Congress

Policy Area:

Sector Policy (Non-Financial)

Economic Target:

Other

Action Type:

Direct Spending

Maximum Amount:

103000000000

Amount Spent:

97364000000

Deficit Impact:

103000000000

Education Spending (in millions of dollars)
Year	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2009-2019
Employment and Training	613	2,226	1,224	242	0	0	0	0	0	0	0	4,305
Education for the Disadvantaged	494	6,210	5,776	520	0	0	0	0	0	0	0	13,000
State Fiscal Stabilization	6,540	28,377	16,070	2,363	250	0	0	0	0	0	0	53,600
Special Education	732	5,734	5,124	610	0	0	0	0	0	0	0	12,200
Student Financial Assistance	917	14,572	1,056	15	0	0	0	0	0	0	0	16,560
Other Education	207	1,078	624	203	12	0	0	0	0	0	0	2,124
Other, Title VIII	540	324	283	237	155	4	4	2	0	0	0	1,549
Totals	10,043	58,521	30,157	4,190	417	4	4	2	0	0	0	103,338

Source:

CBO Analysis of Final Bill

Text of "American Recovery and Reinvestment Act of 2009"

Notes:

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